Solana (SOL) Breaks Two-Year Downtrend as Whales Accumulate and RWA Volume Surges Trader Edge | usagoldmines.com

Key Highlights

• SOL holds steady near $103 following a powerful rebound from $60 lows
• Ten-month bearish streak ends with first positive monthly close signaling potential reversal
• Monthly MACD nears bullish convergence while RSI shatters two-year declining resistance
• Critical upside targets positioned at $120.23 and $146.56 with support anchored at $97.70
• Network processed $14.7 billion in real-world asset transactions throughout the past year

Solana currently trades around $103.47, showing a modest 0.18% decline in the past day. The digital asset has staged an impressive comeback from recent depths near $60, with multiple technical metrics now tilting toward bullish territory.

Market observers are focusing on Solana’s achievement of its first positive monthly close after ten consecutive months of red candles. While this single development doesn’t guarantee a complete trend reversal, it represents a significant departure from the prolonged period of downward pressure.

Market analyst Ash Crypto highlights that the monthly Moving Average Convergence Divergence (MACD) is nearing a bullish intersection. Simultaneously, the monthly Relative Strength Index (RSI) has successfully breached a downward-sloping trendline that had constrained price action for approximately two years. These technical developments indicate weakening bearish control.

Large-scale accumulation is also capturing market attention. Trading analyst Ted Pillows shared on X that a major whale acquired $9 million worth of SOL recently, commenting: “Smart money is more focused on alts now.” This substantial purchase reinforces the strengthening technical framework visible across extended timeframes.

Critical Price Barriers Ahead

SOL has successfully penetrated one crucial threshold. Daily chart analysis reveals a decisive breakout above $97.70, a level that has now transformed into primary support beneath current pricing. Market technician Ucan Coin pinpoints $120.23 as the upcoming significant resistance barrier, with $146.56 serving as the secondary target.

Maintaining momentum above $120 would establish a fresh higher high formation on daily charts. Beyond that milestone, the $130-$140 corridor opens up before traders confront the $146.56 resistance zone.

Should SOL surrender the $97.70 support level, bullish momentum could deteriorate and potentially retest $81.35. This lower threshold represents the critical support zone if the current recovery falters.

Chart analyst CryptoCurb observes a substantial bullish flag formation on extended timeframe charts. The pattern theoretically projects movement exceeding $1,000, although this represents a highly speculative long-term scenario. SOL would first require reclaiming price levels between $200-$300 before such ambitious targets gain technical credibility.

Institutional Adoption Through Tokenized Assets

Fundamental network activity provides important context for the technical developments. Throughout the previous year, Solana’s infrastructure processed approximately $14.7 billion from an estimated $46 billion total in tokenized asset trading activity, representing roughly 32% of all reported real-world asset spot volume.

Backpack facilitated approximately $1.5 billion in equity trading volume during just two months of operation on Solana. Major institutional players BlackRock and Securitize contributed roughly $993 million in fixed-income product issuance through the network.

World has unveiled its independent prediction market infrastructure built on Solana, granting access to more than one million waitlisted participants. The platform features markets covering NFL matchups, international soccer competitions, Formula 1 racing, and the 2026 U.S. midterm elections, with expansion plans including equity instruments, commodities, and weather derivatives.

Ramzy Ali, who leads DeFi initiatives at the Solana Foundation, stated that World is “introducing a new asset class to Solana and keeping 100% of the liquidity onchain.”

SOL maintains its position at $103.47, with $105 serving as the immediate near-term obstacle before attention shifts toward the $120.23 resistance level.

The post Solana (SOL) Breaks Two-Year Downtrend as Whales Accumulate and RWA Volume Surges appeared first on Blockonomi.

This articles is written by : Nermeen Nabil Khear Abdelmalak

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